Importance of Cyber Security for Ecommerce Businesses in 2018

By 2020 the Internet of Things is on route to connect 200 billion objects, and that includes you and me, our pets and all the technological marvels that make our lives easier. Software is everywhere, but it’s also prone to failure and attacks, leaving us vulnerable.

If the battery on your smartphone runs out you realize how helpless you are without your contacts, social media and GPS. To avoid undesirable consequences, we must maintain 24/7 access to technology, upgrade our software, and firewall personal information.

Check out this infographic for a visual guide to Cybersecurity in 2018:

The Cybersecurity Threat Is More Pervasive Than We May Think:

Ethical hackers are disappointed that growing technological innovation is not creating secure homes and safer work-spaces. Glitches and problems we’d solved and buried are resurfacing. The more innovative we are, the more insecure we become.

Technology is more vulnerable than ever to external attack. It is disturbing that a heart pacemaker, a dam, the grid supplying power to a city or even a traffic system is open to hacking. Companies at the cutting edge of technology are neck deep in cyber security threat assessment and damage control.

Cyber-Attack Threat Levels Are Escalating:

In businesses that are aware of growing cyber security problems and privacy issues, an astonishing 70% of device communication remains unencrypted. Concerns are clear but nobody’s listening.

It appears that the cyber security threat is a three-headed serpent.

First, cyber security issues remain within the domain of engineers and software pros. Other employees know nothing or have no idea what to do. Second, many layers of technology (old, obsolete and new) exist in an organization, and patching updates to the new systems don’t resolve vulnerability of older systems. Third, companies are not prioritizing time, money and personnel for cyber security because they remain focused on the production line, and bottom line.

The Cyber Threat Emanates From Many Sources:

Who sources the attack, and what motivates them?

Cyber-criminals are in the business of stealing data (contact numbers, credit card info, and bank account details, for example) that they sell to third parties for profit.

The hacktivists inspired by political and social activism hack systems opposed to their ideology or mindset.

The cyber terrorists representing a growing fringe element threaten to unleash chaos and disrupt the societies they target.

Beyond these individuals or groups, there are nation states coordinating cyber-attacks aimed at weakening opposing states.

The Fallout Of a Cyber-Attack Can Be Devastating Personally And Economically:

SimpliSafe’s unencrypted air communications enabled hackers to access home user PINs to deactivate alarms. As there’s no patch for this, more than 300,000 SimpliSafe devices went the replacement route.

The British company TalkTalk spent £50 million recovering from a cyber-attack that compromised customer personal info, addresses, emails, bank details and passwords. The collateral damage was huge – a loss of 100,000 customers and a decline in share value by 20%.

In 2015, Chrysler had to recall 1.4 million cars because a glitch in the software enabled hackers to control the car’s braking system, engine, electronics and drivability.